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Yanzhou Coal to drop NYSE listing


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Yanzhou Coal to drop NYSE listing

Yanzhou Coal Mining Co. Ltd. said Jan. 24 that it plans to delist from the NYSE to reduce complexity in financial reporting and administrative costs.

The Chinese company said the costs of compliance with U.S. periodic reporting requirements and other obligations arising out of its NYSE listing are no longer justifiable in light of the thin level of trading in its American depositary shares.

Yanzhou will maintain an unlisted American Depositary Receipt program to enable investors to hold and trade their American depositary shares in the U.S. in the over-the-counter market.

The company expects to be delisted from the NYSE on or around Feb. 16.